Quarterly / Earnings Reports | Second Quarter (2Q) Update | Drilling Activity
Bonterra Touts Strong Output in Q2; Plans to Spend Most of Budget in Q3
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Bonterra reported its Q2 2018 results.
During the second quarter of 2018, Bonterra continued to focus on the development of its high quality, light oil weighted assets focused in Alberta’s Pembina Cardium area and achieved production of 13,946 BOE per day representing one of the Company’s strongest quarters in over four years.
During the first six months of 2018, the Company drilled 20 gross (19.9 net) wells, of which 18 gross (17.9 net) wells were completed, tied-in and placed on production.
Q2 2018 Highlights
- Averaged 13,946 BOE per day of production, six percent higher than 13,153 BOE per day in Q2 2017, and seven percent higher than Q1 2018
- Invested approximately $19 million in capital expenditures, representing approximately 25 percent of the Company’s $75 million capital budget for the year. The majority of Bonterra’s remaining 2018 capital budget is expected to be spent in the third quarter
- Drilled 20 gross (19.9 net) wells during the first six months of 2018, of which 18 gross (17.9 net) wells were completed, tied-in and placed on production. The remaining two wells were brought on production in July 2018 and will contribute to Q3 volumes
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